Grupo Aeroportuario del Sureste (ASUR) has agreed to purchase Motiva Infraestrutura de Mobilidade’s airport business in Brazil, Ecuador, Costa Rica, and Curaçao for $5bn reais ($936m).
The enterprise value of the deal is estimated at $13.7bn reais ($2.56bn).
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The transaction involves the acquisition of Companhia de Participações em Concessões (CPC), a wholly owned subsidiary of Motiva.
CPC holds equity stakes in 20 airports across the four countries. The airports include Quito International Airport in Ecuador, Juan Santamaria International Airport in Costa Rica, Curaçao International Airport in Curaçao, and Confins International Airport in Brazil.
The portfolio also includes Pampulha airport and various airport blocks in Brazil.
For the 12 months ending 30 September 2025, the portfolio reported earnings before interest, taxes, depreciation and amortisation (EBITDA) of $2bn reais ($375m) on a 100% basis and $1.3bn reais ($243m) proportionate to CPC’s stake.
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By GlobalDataNet financial debt as of the same date stands at $6.3bn reais (US$1.18bn).
ASUR noted that this transaction will extend its operations into four additional markets in Latin America and the Caribbean, further expanding its footprint from its current operations in Mexico, Colombia, and Puerto Rico.
Following completion, ASUR will add over 45 million passengers to its existing 71 million passenger base reported for 2024.
Out of CPC’s 20-airport portfolio, 17 concessions have more than 15 years remaining on their terms.
ASUR plans to finance the acquisition with available cash and committed debt facilities from JPMorgan Chase Bank.
J.P. Morgan Securities is acting as exclusive financial adviser, while ASUR has appointed BMA Advogados, CorralRosales, Deloitte, De Cuba Ormel Noordhuizen and Brown Lawyers as legal advisers.
The agreement is expected to close in the first half of 2026 after meeting standard conditions precedent.
ASUR currently manages a network that includes nine airports in southeast Mexico and six in northern Colombia.
It also holds a 60% stake in Aerostar Airport Holdings, which is the operator of Luis Muñoz Marín International Airport in San Juan, Puerto Rico.
In August this year, ASUR announced the acquisition of URW Airports for an enterprise value of approximately $295m.
The transaction, carried out through its subsidiary ASUR US Commercial Airports, involved acquiring all issued and outstanding equity interests from Westfield Development, a subsidiary of Unibail-Rodamco-Westfield (URW).
